Global Gold Prices Continue to Fall as US October Inflation Exceeds Forecasts
Global gold prices fell again on November 11 as higher than expected US inflation and Federal Reserve officials’ interest rate comments strengthened the dollar. In Hanoi, SJC gold closed at 137 million Vietnamese dong per tael for buying and 140 million dong per tael for selling.
International gold prices continued to fall on November 11. As of 1:51 a.m. on November 12, Vietnam time, spot gold was down 1.1% at US$3,986.79 per ounce; US gold futures for December 2026 delivery closed down 0.7% at US$4,000.50 per ounce. Gold had previously fallen 3% on November 10.
The US consumer price index rose 0.4% month on month in October, above economists’ forecast of 0.3%. Investment brokerage StoneX said the market was interpreting the data as grounds for the Federal Reserve to raise interest rates more sharply at its December meeting. Federal Reserve Governor Christopher Waller had earlier said that if October core inflation remained at 0.3%, he would consider a 0.5 percentage point rate increase the following month.
Following the consumer price index report, markets priced in an 87% probability of a 0.25 percentage point Federal Reserve rate increase in December; the probability of a 0.5 percentage point increase rose from 0% to nearly 13%. The US dollar index climbed to its highest level since April 2025. A stronger dollar makes gold more expensive for buyers holding other currencies, while higher interest rates also increase the opportunity cost of holding gold.
Buying demand in China and gold accumulation by other central banks limited gold’s decline to some extent. Among other precious metals, spot silver rose 0.7% to US$51.88 per ounce.
Gold jewelry displayed at a store in Jiangsu Province, China.（VietVance）
In Vietnam, at the close on November 11, Công ty Vàng bạc đá quý Sài Gòn listed SJC gold in Hanoi at 137 million Vietnamese dong per tael for buying and 140 million dong per tael for selling.
Source: VietVance
